GRAND PORTAGE, Minn. -- Saturday's Powerball jackpot has grown to a whopping $1.5 billion.
Canadians are eligible to win the grand prize, which after taxes would net the winner about CDN$546.8 million if they chose the lump sum option and purchased their ticket in Minnesota. Tickets must be purchased in the United States, although there are lottery brokers that will purchase on behalf of buyers in foreign countries.
The cash option works out to approximately CDN$1.029 billion, but winners are also subject to a 37.5 per cent federal tax and a 9.85 per cent Minnesota state tax. Taking the annuity option, a Canadian winner would receive about CDN$36.7 million a payment, based on current exchange rates, with 30 payments made over 29 years, according to usmega.com.
Several states, including Florida, New Hampshire, South, Dakota, Texas, Tennessee, Wyoming, Washington and California, have no state taxes on lotteries. State taxes vary in other participating states.
A $1.337-billion Mega Millions jackpot was claimed this past July.
The next Powerball drawing is on Saturday. Draws are held on Mondays, Wednesdays and Saturdays.
